Revolut Announces Integration with MetaMask: Details

March 07, 2024

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London-based fintech giant, Revolut, has unveiled an integration that allows its customers in the United Kingdom and the European Economic Area (EEA) to make direct cryptocurrency purchases on MetaMask.

The move comes as part of Revolut’s commitment to meeting user demands for enhanced crypto accessibility and providing a seamless experience for over 40 million users in the region. Recently, ConsenSys unveiled a new gateway to Ethereum by integrating PayPal transactions of ether on MetaMask.

Revolut Users Can Now Buy 20+ Tokens

As of March 6, Revolut clients can leverage their fiat currency balances, as well as debit and credit cards, to directly acquire more than 20 different tokens into their MetaMask wallets.

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MetaMask, a cryptocurrency wallet and gateway to decentralized applications (DApps), now supports popular tokens like Ether (ETH), USD Coin (USDC), Tether (USDT), and Shiba Inu (SHIB), among others.

Revolut Responds to Regulatory Actions

The strategic integration could also serve as a response to recent regulatory challenges faced by Revolut in the cryptocurrency space.

In August 2023, the fintech firm suspended all crypto services for users in the United States, and in January of the following year, it temporarily halted crypto purchases for users in the United Kingdom due to new regulations imposed by the Financial Conduct Authority.

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Bypassing Separate KYC Checks

One notable feature introduced through this integration is the streamlining of Know Your Customer (KYC) checks.

Revolut app users adding funds to their MetaMask wallets will bypass separate verification processes, benefiting from the existing verification on the Revolut platform. KYC processes usually involve collecting and verifying personal information, making this integration a user-friendly advancement.

Recent MetaMask Integrations

Lorenzo Santos, Senior Product Manager at MetaMask’s parent company, Consensys, emphasized the collaborative effort’s aim to empower users with more control over their crypto assets. He stated,

“This partnership is really about giving our users what they want—more control over their crypto, in a straightforward way, using platforms they already know and trust. It also plays a crucial role in fostering broader crypto adoption, opening up the world of crypto to more people.”

MetaMask users already enjoy diverse payment methods for cryptocurrency transactions, including credit and debit cards, bank transfers, and digital wallets like Apple Pay, Google Pay, and PayPal.

Recent MetaMask integrations have also included features like withdrawals to Visa debit cards, expanding accessibility to over 130 million merchant locations worldwide. The crypto wallet also joined hands with four major crypto custodians for a new offering.